the larger fear here is that if they dont get commercial on...

the larger fear here is that if they dont get commercial on these two, the spin out wont happen, and the 1-1 in specie distribution wont occur.

As it stands, if it is a success, and they sell texas for ?? 40+m to cover some buyback to support the sp, during a consolidation event.

Right now, as a producer of only 750 bopd, is RRS not worth 200m.

NDO has MC of 50m and producer of 1600 bopd.

The only thing holding this together, is the potential inspeci distribution, where you get something ratinalised for nothing.

If they say they get 10-12m net per 1000 bopd, then at 75% of that are worth 7-8m net(750) PE 10 = 70-80m mc on pruducing asset + 40m cash sale of texas = 120m mc
now cash was 24m last quaterly, but they also burn a lot as well.

so about 6-7c about right, if you work on what is, what not might be.

(note that PE 10 is being generous if they are burning cash without rewards in net margins)

Paying for future earnings might work on mc, and sp, when the music is playing the loudest, but who do you think has been selling since this saw its highs of 40c?